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15-Year Headquarters Search Pays Off for LA Nonprofit
Opportunities to purchase owner-user buildings in any area of Los Angeles have been scarce for the past several years. As a result, one nonprofit spent 15 years searching for a headquarters location.
But in the end, the search paid off and California Community Foundation recently acquired a 54,657-square-foot office. The seller was First City Credit Union. The sale price totaled $15.4 million or $282 per square foot.
The building is located at 717 West Temple St. in the central business district of downtown Los Angeles. Built in 1978, the property is a four-story freestanding glass and steel office building with six parking levels. It has a Walk Score of 85 and Transit Score of 100. The property is near public transportation and has immediate access to the 5, 10, 101 and 110 freeways.
The building was delivered vacant at the close of escrow. The California Community Foundation will use the building for its headquarters.
Chris Runyen with NAI Capital Commercial’s investment services group represented the buyer in the transaction. The seller was represented by Edwards Commercial Inc.
For comments, questions or concerns, please contact Lisa Brown
- ◦Sale/Acquisition
